Cycle is down for the dollar against the Russian ruble.
Longer term cycle is down as well as the medium term cycle. Medium term trend is down until June - what a coincidence - cycles for silver are UP until about the same period. That's no surprise silver has a correlation with Ruble. Russia is a large miner of all metals, and silver is in the list. When Russia sells their silver on the open market they receive dollars and exchange them for rubles forcing the dollar to go down in value. The higher the price of silver, the more dollars miners receive - the more demand for Russian ruble. This of course is a very simple representation, however it clearly explains the logic of cycles and how they correlate to one another. Downside price target is 65 rubles for one dollar. Stay tuned for a few more updates today.
Please remember futures trading involves a substantial risk of loss and is not suitable for all investors.
Please remember futures trading involves a substantial risk of loss and is not suitable for all investors.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.